Digital bank Monzo posts first full year of profit after more than doubling revenue | MuaneToraya

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A Monzo debit paper being utilized astatine a outgo terminal.


Monzo, the British integer challenger bank, connected Monday reported its archetypal afloat twelvemonth of profitability.

The fintech startup said successful yearly fiscal results that its pre-tax profits totaled £15.4 cardinal ($19.6 million) successful its 2023-2024 fiscal year, swinging to the achromatic from a £116.3 cardinal nonaccomplishment the twelvemonth prior.

Monzo posted revenues of £880 cardinal for the afloat year, up from £355.6 cardinal successful 2022. That marked a much than twofold increase.

Monzo is 1 of Britain's largest integer banks, competing with the likes of Starling and Revolut arsenic good arsenic established lenders specified arsenic HSBC and Barclays.

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Last year, Monzo reported its archetypal period of profit. That marked a large turnaround from 2020, erstwhile Monzo warned it faced doubts implicit its quality to proceed "as a going concern" aboriginal into the Covid-19 pandemic.

The institution has seen important maturation successful caller years. This year, it attained a $5.2 cardinal valuation. That came disconnected the backmost connected investments merchandise successful concern with plus absorption elephantine BlackRock.